ISLAMABAD- Prime Minister (PM) Nawaz Sharif today approved the summary of reducing the prices of the petroleum products, saying that petrol price has been reduced by at least Rs 6.25 per liter.

According to the details, the people would get Rs 6 to Rs 14 relief in petroleum products’ prices in the next year besides increase in the tax. Ministry for Petroleum told that the PM approved the summary of Oil and Gas Regulatory Authority (OGRA) to reduce petroleum products’ prices.

The announcement for reduction of prices was made by Prime Minister Nawaz Sharif while talking to journalists. Petrol prices would go down by Rs 6.25, high-octane price to reduce by Rs 14.14, kerosene oil by Rs 11.26, high-speed diesel by Rs 7.86 while light diesel price to reduce by Rs 10.48 per litre from January 1.

The petrol price will be Rs 78.28 per litre from January 1 which is the lowest in the last at least six years. According to the revised prices, high octane will be sold at Rs 92, kerosene oil at Rs 71.92; high speed diesel at Rs 86.23 and light diesel will be sold at Rs 67.50 from January 1 2015. The official notification would be issued by tonight and the enactment would be done starting from 12 am.